Vietnam courts offshore wind investment to meet rising power demand

Vietnam is stepping up efforts to develop offshore wind power as part of its energy transition strategy, with the government pledging regulatory reforms and faster project approvals to attract global investors.

The efforts also aim to support the country's rapidly growing electricity demand and long-term economic growth ambitions, standing Deputy Prime Minister Pham Gia Tuc said during a meeting with the Global Wind Energy Council (GWEC).

The meeting was attended by a delegation led by GWEC CEO Ben Backwell. The industry body represents project developers, investors, equipment manufacturers and supply-chain companies accounting for roughly 70% of global installed wind power capacity.

Tuc said Vietnam is intensifying its energy transition and prioritizing the expansion of renewable and new energy sources to strengthen national energy security.

The country has already installed more than 10,000 megawatts (MW) of wind and solar power capacity, accounting for over 10% of total electricity generation. Offshore wind has been identified as one of the most promising renewable energy segments and is expected to play a growing role in the country's future energy mix.

To support the sector's development, the government is refining its legal and regulatory framework for the 2026-2030 period, focusing on issues related to marine surveys, investment procedures, and project implementation mechanisms.

Tuc welcomed GWEC's contributions in sharing international experience, providing policy recommendations and connecting major global investors and manufacturers with the Vietnamese market.

He encouraged international companies to support Vietnam's efforts to develop local supply chains, transfer technology, train workers, and invest in infrastructure serving the offshore wind industry.

Global investors seek regulatory clarity

During the meeting, representatives from several international energy companies expressed interest in investing in Vietnam and called for a stable and transparent regulatory framework covering the entire project lifecycle, from site surveys and feasibility studies to construction and operation.

Investors also urged authorities to finalize mechanisms for selecting project developers based on financial strength, technical expertise, and their ability to generate broader economic benefits.

Other recommendations included adopting internationally bankable power purchase agreements (PPAs), expanding grid capacity, upgrading ports and ensuring supporting infrastructure is developed in parallel with offshore wind projects.

Several companies highlighted Vietnam's potential to develop a domestic offshore wind supply chain and said they were prepared to establish manufacturing facilities, transfer technology and provide workforce training in the country.

Government aims to shorten project approval process

Officials from the ministries of Industry and Trade, Finance, Construction, and Agriculture and Environment used the meeting to clarify issues related to electricity pricing, marine area allocation, financing policies, and plans to develop offshore wind as a strategic national industry.

Concluding the discussions, Tuc said Vietnam's electricity demand would rise sharply in coming years as the country pursues higher economic growth targets.

Renewable energy, gas-fired power generation and nuclear energy are expected to form the backbone of Vietnam's future power system, he said.

Under current plans, Vietnam aims to commission between 6,000 MW and 17,000 MW of offshore wind capacity by 2030, with the possibility of accelerating deployment if financially strong and technologically capable international investors participate.

By 2050, offshore wind is projected to account for 14.7-16.6% of the country's total power generation capacity.

To facilitate investment, the government is revising regulations governing the sector. A key measure is the National Assembly's Resolution 253/2025, which allows authorities to approve both investment policy and investor selection simultaneously for offshore wind projects.

The change is expected to shorten project preparation timelines and accelerate the selection of qualified developers.

Tuc said the government would continue reducing administrative burdens, lowering compliance costs and investing in supporting infrastructure, including deep-water ports, transmission networks and transport links.

"The government remains committed to listening to and engaging openly with the international business community, and views the success of investors as Vietnam's success," Tuc said, expressing hope that GWEC member companies would soon move forward with investment decisions in the country.